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of <h1>Finance Bill 2017 amends Income-tax Act Section 48, impacting non-residents with rupee bonds from April 2018.</h1> Clause 24 of the Finance Bill, 2017 amends section 48 of the Income-tax Act, effective April 1, 2018. The amendment changes the term 'subscribed' to 'held' in the fifth proviso, impacting non-residents with rupee denominated bonds. It also updates the reference date for calculating the indexed cost of acquisition from April 1, 1981, to April 1, 2001. These changes affect the computation of full value consideration and apply from the assessment year 2018-2019 onwards.
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